Ever wonder how much you might receive in Social Security? The next step is to calculate your all-important primary insurance amount (PIA). Similarly, if you claim Social Security benefits in 2019, but turned 62 in a previous year, you would use that year's bend points to calculate your PIA and initial benefit amount. The AARP Social Security Benefits Calculator uses the benefit estimate provided by the Social Security Administration's Retirement Estimator â thatâs where you go to get the estimate you plug into the AARP platform. Note that using this option gives only one benefit estimate. You can use the Money Help Center calculator to determine how much Social Security you will get and how income tax may impact your benefits and income. So benefit estimates made See my article âIf You Die Early: How To Calculate Social Security Survivorâs Benefits.â Social Security Calculation Step 3: Primary Insurance Amount (PIA) Calculation Contact Social Security if there are several recipients who qualify for benefits based on one deceased workerâs history. Right now, the average for an individual is $1,277, and the maximum is $3,148. Use this Social Security benefit calculator to estimate your amount of Social Security benefits. However, if you If You Have a Bank or Credit Union Account: Enroll online; Enroll by mail ; Call the Go Direct Helpline at 1-800-333-1795 (TTY: 1-866-569-0447). Benefit Calculators. age 22 to use the form at right. Benefit estimates depend on your date of birth and on your earnings Depending on when you or your spouse take retirement benefits, there are four separate formulas the Social Security Administration might use for calculating WIB, before accounting for the age of the surviving spouse when they take WIB: 1. Passive income ideas to help you make money, Best age for Social Security retirement benefits, Privacy policy / California privacy policy. All Rights Reserved. This compensation may impact how, where and in what order products appear. Next, use SSAâs quick calculator to see if your calculation is the same as their results. A Red Ventures company. In order to cover all of your expenses and needs, look at how your estimated benefit fits into the bigger picture. earnings record; instead, it will estimate your you want to start receiving benefits at the earliest possible age The timing of your Social Security benefits is important â it could make a difference of thousands ⦠Our Retirement Savings Calculator begins by asking you questions about your current income/savings, pension (if you have one), key assumptions and your Social Security benefits. Bankrate.com is an independent, advertising-supported publisher and comparison service. How to calculate your Social Security benefit taxes. Get insider access to our best financial tools and content. Your annual earnings If you How to Calculate My Social Security Benefits. If you have further questions about Social Security, SSI, or SSDI, please let us know in the comments section below. The Social Security Administration uses a multi-step formula to calculate just how much any given American gets in benefits. How to Calculate Your Social Security Break-Even Age. The only way to find out for sure what your Social Security benefit would be based on your ex-spouse's record is to ask them what their primary insurance amount (PIA) is. Bankrate is compensated in exchange for featured placement of sponsored products and services, or your clicking on links posted on this website. the month for which you want benefits to begin. Did you know that up to 85% of your Social Security Benefits may be subject to income tax? Use this Social Security benefit calculator to estimate your amount of Social Security benefits. Remember, this is only an estimate. Average life expectancy based on average mortality used by the Social Security Administration as of March, 2016 to estimate an end date for Social Security monthly benefits. Bankrate.com does not include all companies or all available products. Try the SSDI calculator to estimate your payment. Just because you could owe taxes on up to 50% or 85% of your Social Security benefits doesn't mean you'll actually owe ⦠To understand Social Security benefit calculations, you first need to understand one piece of jargon: âprimary insurance amountâ (PIA). & Other Important Information. For security, the "Quick Calculator" does not access your You must be at least We assume that this is also If this is the case you may want to consider repositioning some of your other income to minimize how much of your Social Security Benefit may be taxed and thereby, maximize your retirement income sources. (age 62). By "retirement date," we mean the month If many claimants apply, all benefits are reduced by a percentage to keep within the maximum. Use our retirement planning tool in the Planning & Guidance Center to see if you are on track. 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